Acal PLC Trading Update (9386L)
July 25 2017 - 2:00AM
UK Regulatory
TIDMACL
RNS Number : 9386L
Acal PLC
25 July 2017
For Release
7.00am, 25 July 2017
Acal plc
First Quarter Trading Update
Acal plc (LSE: ACL, "Acal" or the "Group"), a leading
international supplier of customised electronics to industry, today
issues a trading update for the first quarter of the financial year
ending 31 March 2018, covering the period from 1 April 2017 to 30
June 2017.
Trading in the first quarter has been strong with the momentum
seen in the final quarter of last year continuing.
First quarter revenue for the Group was 14% ahead of last year
at constant exchange rates(1) ("CER") and ahead 9% organically(2)
with similar organic growth rates in both the Design &
Manufacturing and the Custom Distribution divisions.
Order intake for the first quarter was also strong, growing by
21% CER and 15% organically, again with similar growth rates in
both divisions, lifting the Group's forward order book to another
record high and positioning the Group well for further growth.
First quarter gross margin remained strong and in line with the
final quarter of last year. As expected, it was lower than last
year reflecting currency impacts on UK import costs from the fall
in Sterling following the UK's European referendum.
Variohm, which was acquired in January 2017, continues to
perform well, and cross-selling between our two divisions delivered
good growth in the first quarter.
Nick Jefferies, Group Chief Executive commented:
"We have had a good first quarter with widespread sales growth.
Additionally, our order book has grown further which will drive
sales growth in the year ahead. We are confident of delivering
further progress through the year."
For further information, please contact:
Acal plc 01483 544 500
Nick Jefferies - Group Chief Executive
Simon Gibbins - Group Finance Director
Instinctif Partners 0207 457 2020
Mark Garraway
Helen Tarbet
James Gray
Notes
This trading update is based upon unaudited management accounts
and has been prepared solely to provide additional information on
trading to the shareholders of Acal plc. It should not be relied on
by any other party for other purposes. Certain statements made in
this update are forward-looking statements. Such statements have
been made by the Directors in good faith using information
available up until the date that they approved this update.
Forward-looking statements should be regarded with caution because
of the inherent uncertainties in economic trends and business
risks.
1. Growth rates at constant exchange rates ("CER"). The average
sterling rate of exchange weakened 9% against the Euro compared
with the average rate for the first quarter last year, weakened 11%
against the US Dollar and weakened 7% against Nordic currencies on
average.
2. Organic growth for the Group is calculated at CER, including
the equivalent pre-acquisition period of Variohm which was acquired
last financial year (on 20 January 2017) and excluding the sales
from Acal BFi Spain which was closed in December 2016.
3. Growth rates refer to the comparable prior year period unless stated.
Notes to Editors:
About Acal plc
Acal is a leading international supplier of customised
electronics to industry. It designs, manufactures and distributes
customer-specific electronic products and solutions to 25,000
industrial manufacturers. Acal is listed on the London Stock
Exchange (LSE: ACL).
Acal has two divisions: Design & Manufacturing and Custom
Distribution. The majority of its sales come from products and
solutions which are created specifically for customers. Acal works
across a range of technologies, namely Communications &
Sensors, Power & Magnetics, Electromechanical & Cabling,
Microsystems, and Imaging & Photonics.
Acal operates through the following wholly-owned businesses:
Acal BFi, Contour, Flux, Foss, Hectronic, MTC, Myrra, Noratel,
Plitron, RSG, Stortech, Variohm and Vertec. It has operating
companies and manufacturing facilities in a number of markets
including the UK, Germany, France, the Nordic region, Benelux,
Italy, Poland and Slovakia as well as in Asia (China, India, South
Korea, Sri Lanka and Thailand), North America (the US and Canada)
and South Africa.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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July 25, 2017 02:00 ET (06:00 GMT)